Product FIFO Report overview

Product > Reports > IC Reports > ICROF

Function acronym: ICROF

Use this report to provide end-of-year FIFO reporting for balance sheet adjustments.

You cannot cost General Ledger by FIFO methods, but you can adjust your balance sheet to FIFO costs. This report displays all qualifying FIFO records in Product Extended First-In-First-Out Setup and displays the value of each FIFO product.

If these conditions are met, the addon cost from Product Extended First-In-First-Out Setup is included on this report:

  • Your operator security allows you to view costs.
  • The Include Addons option is selected for the Post to G/L By field.

You can include available and unavailable products on the report. The available quantity is updated by these functions:

  • PO Receipt of Inventory Entry
  • WT Receipt of Inventory Entry
  • Product Unavailable Inventory Entry
  • Product Adjustment Entry
  • Sales Order Entry

As quantities are sold in Sales Order Entry or transferred through Transfer Entry, the quantity available is decreased.

The unavailable quantity can be updated in inventory control functions, PO Receipt of Inventory Entry, or on a return in Sales Order Entry.

Note: The Use FIFO option in SA Administrator Options-Products-Costs must be selected to access this report.